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Central banks

Central banks
News about policymaking in the world’s major central banks with a focus on the People’s Bank of China, the Federal Reserve, the European Central Bank, the Bank of England, the Bank of Japan and the Reserve Bank of Australia.
A man passes a screen in Tokyo showing Japan’s 10-year bond level after the Bank of Japan raised interest rates on Friday. Photo: Reuters
Japan

Bank of Japan’s historic rate increase signals new era for economy

Bank of Japan lifts rates to 0.75 per cent – a 30-year high – ending zero-interest era, paving the way for further increases amid rising inflation.

Banking & finance

Macroscope | As global spending needs grow and debt rises, business as usual won’t suffice

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India

Rupee slump ‘a little relief’ for Indian exporters amid US trade talks

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Banking & finance

Six major Hong Kong banks keep prime rates unchanged despite HKMA base rate cut

Savings rates near zero limit room for cuts as lenders protect profitability margins, analysts say.

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The Hong Kong skyline and business area are seen from The Peak. Photo: Sam Tsang
United States

US Fed delivers quarter-point rate cut as policymakers weigh inflation outlook

Move falls short of Trump’s demands as debate over Fed independence intensifies and markets brace for global spillover effects.

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China jobs

Open Questions | Economist Huang Yiping on why China’s AI push must be ‘job-oriented’

Dean of Peking University’s National School of Development says ‘balance’ needed in AI development to protect employment, ‘human well-being’.

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Banking & finance

Macroscope | Inflated asset prices show markets don’t always know best

With hyperinflated sectors across multiple asset markets, the next crash could be so severe that it prompts a restructuring of global finance.

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People take photos by the bull statue in Shanghai, on August 7. Photo: EPA
China trade

‘Strong breakwaters’: China’s central bank vows to shield from external shocks

Governor Pan Gongsheng says policy must prioritise the domestic economy, warning against ‘excessive policy swings’ that could undermine long-term stability.

Banking & finance

Will Russia’s gold sale prompt a retreat? Hedge fund manager spurs debate

While a Chinese hedge fund manager has claimed gold’s ‘best days’ are over, analysts argue Moscow’s move does not reflect the overall picture.

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Bonds

China’s currency push gains ground as Russia nears issuance of yuan bond

Foreign governments have raised a record 13 billion yuan (US$1.8 billion) via yuan bonds this year, Bloomberg-compiled data shows.

A photo taken on November 10, 2025, shows a view of the Kremlin in Moscow. Photo: Xinhua
Banking & finance

Gold prices could hit record highs of over US$4,900 next year: forecasts

Several banks project gold prices could rise above US$4,900 per ounce in 2026, with US rate cuts and central bank buys keeping demand strong.

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Several banks have forecast that gold prices will reach record highs in 2026, as global demand continues to outpace supply. Photo: Shutterstock
Mainland China

Gold fever in China

Prices for the precious metal have hit record highs spurred by Chinese retail investors and central bank purchases.

Yuan

China sets strongest yuan fix in over a year as Fed-cut bets rise

China’s currency is outperforming the euro and yen despite economic headwinds, with analysts pointing to Beijing’s geopolitical leverage as the driver.

United States

Trump eyes Christmas deadline to name new Fed chair: Bessent

The US treasury secretary says simplifying the Fed is key, as he conducts interviews with the five candidates to succeed Chair Jerome Powell.

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US Treasury Secretary Scott Bessent speaks to the media, following trade talks between the US and China, in Kuala Lumpur, Malaysia on October 26. Photo: Reuters
Hong Kong Monetary Authority (HKMA)

Hong Kong pushes local currency use to shield Asia from global uncertainties

HKMA’s Eddie Yue calls for deeper regional financial integration amid tariff shocks, disrupted supply chains and market volatility.

Eddie Yue stresses the need to strengthen regional financial ties at the Asean+3 Economic Cooperation and Financial Stability Forum in Hong Kong on Tuesday. Photo: Handout
Banking & finance

Yuan’s long-term hedge costs equalise for first time since 2011

The risk reversal as the yuan has fared better than expected this year and as investors brace for a weaker dollar on Fed rate cut prospects.

Singapore

Standard Chartered faces US$2.7 billion 1MDB suit in Singapore

The lawsuit alleges Standard Chartered enabled acts of fraud leading to US$2.7 billion in losses over a decade. The bank plans to appeal.

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Banking & finance

China’s US lending, Japan row escalates, G20 summit

This week: China lends huge sums to US and other developed nations, tourists cancel Japan trips amid Taiwan row, and the Netherlands halts seizure of chipmaker Nexperia. Next week: Li Qiang attends G20 summit in Johannesburg as US stays away, US and China may agree rare earths deal, Zhuhai air show takes place and more.

Photo: AFP
Belt and Road Initiative

China has lent more to US than any other country since 2000, report finds

China’s lending has been ‘vastly’ larger – and far more skewed towards developed countries – than previously assumed, AidData study finds.

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Diplomacy

Opinion | As power balance tips to China, world needs a fairer financial system

China-led macro region will have to work on independence of monetary policy and partnerships in a fairer financial and trade framework.

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Bonds

Weak growth outlook fuels China’s bond market recovery, analysts say

Concerns about inflated valuations of technology stocks are also driving investors towards bonds.

The People’s Bank of China building in Beijing. Photo: China News Service/VCG via Getty Images
Banking & finance

China’s US Treasury holdings edge up as long-term sell-off continues

The slight uptick in August and September comes as concerns mount over US debt and the White House tests the Federal Reserve’s independence.

Yuan banknote on Chinese flags and US dollar banknote on US flags. Photo: Getty Images/iStockphoto
Japan

Japanese yen weakens to 9‑month low, hits 155 to US dollar amid uncertainties

Stocks and bond market slump as investors fret over expansionary fiscal plans, fading US rate-cut bets, and a China-Japan diplomatic row.

Banking & finance

As China’s central bank projects confidence, are rate cuts on the back burner?

The People’s Bank of China said the economy was on track to hit its annual growth target despite facing a challenging environment.

Banking & finance

HKEX invests in HKMA unit, strengthening city’s financial market infrastructure

HKEX to invest US$58.5 million in CMU OmniClear, which operates the Central Moneymarkets Unit that provides services for debt securities.

The HKEX will invest up to HK$455 million to acquire a 20 per cent stake in the HKMA’s CMU OmniClear Holdings. Photo: Karma Lo
Yuan

China’s yuan added to aviation settlements in boost to internationalisation

The International Air Transport Association is adding the yuan to the basket of currencies available for payments through its clearing house.

The IATA logo at the annual International Air Transport Association meeting in New Delhi, India, in June. Photo: Reuters
Yuan

As China holds the line in ‘trade war 2.0’, its yuan follows suit

With minimal depreciation and more frequent use overseas, the yuan has shown greater resilience in this round of the US trade conflict.

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Global Financial Leaders’ Investment Summit 2025

China touts Hong Kong’s role in global finance, stability at summit

Beijing’s commitment aims to solidify Hong Kong’s status as key link between mainland markets and international financial system amid shifting economic landscapes.

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